WASHINGTON (dpa-AFX) - Crude oil prices recorded a massive rebound on Monday amidst renewed geopolitical tensions. China's pledge to expand fiscal spending also lifted prices. Crude oil prices had plunged on Friday as markets anticipated a Ukraine peace deal and also digested a looming supply gut. The quiet holiday trading however limited gains.
Geopolitical tensions rose in the backdrop of unrest in the Middle East, China's military drills around Taiwan as well as developments in the Ukraine peace talks. China's continued support for economic growth which is expected to boost consumption also lifted sentiment.
Brent Oil Futures for March settlement is currently trading at $61.45, having jumped more than 2 percent from the previous close of $60.24. The day's trading ranged between $60.51 and 61.55. The 52-week trading had ranged between $58.4 and $82.63. Brent has however shed 0.21 percent over the past week and 2.8 percent over the past month. Year-to-date losses are at 17.7 percent. Brent oil is currently down more than 18 percent from the levels a year ago and down almost 28.5 percent from the levels three years ago.
West Texas Intermediate (WTI) Crude Oil Futures for February settlement also rallied 2.2 percent from the previous close of $56.74 to trade at $58.00. Prices ranged between a high of $58.09 and a low of $56.97 in the day's trading. Trading has ranged between $54.98 and $80.59 over the past 52 weeks.
With weekly gains of 0.02 percent, losses over the past month have decreased to 0.91 percent. Year-to-date losses are a little more than 18.5 percent. Prices are currently 18.4 percent below the levels a year ago and close to 27.9 percent below the levels three years ago.
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